Norway's Statoil announced Monday a major oil discovery in the Barents Sea that could contain up to 300 million barrels of crude.
The Havis prospect is the twin of Skrugard, another deposit Statoil discovered in April 2011, confirming the potential of the waters as yet untapped in the Barents Sea.
Together the two deposits could contain between 400 and 600 million barrels of oil equivalent, Statoil said in a statement.
"Skrugard and Havis open up a new petroleum province in the North," Statoil chief executive Helge Lund said in the statement.
The two discoveries, which are located just seven kilometers (4.3 miles) apart but are not connected, could be developed together, which would limit costs.
Covered by the same production licence, the two deposits are owned by Statoil, which holds 50 percent, Eni of Italy, with 30 percent and Norwegian state-owned company Petoro which owns the remaining 20 percent.